It is no secret that Latin music has become an important element of the US music business (as well as the music industries of many other nations).
Latin Music revenues in the United States crossed the USD $1 billion mark for the first time in 2022, and they will set a new high of roughly $1.4 billion by 2023.
This year, Latin Music has a good chance of breaking the previous yearly record.
According to fresh statistics from the RIAA’s Mid-Year 2024 Latin Music Revenue Report, US Latin Music revenues increased 7.3% YoY in the first half of 2024, reaching $685.5 million, an all-time first-half high.
READ MORE: Latin Music Generated $627 Million In US Recorded Music Revenues In H1 2023, A 14.8% Increase
“Latin music in the US continues to break through and reach new heights, now accounting for nearly 8% of total recorded music revenues in the country,” stated Matt Bass, Vice President of Research/Gold and Platinum Operations at RIAA.

“Strong growth across all major formats – including a doubling of physical revenues – has enabled Latin music’s diverse mix of new and established artists’ innovative styles to fuel sustained momentum for over a decade.”
Latin Music accounted for 7.9% of total recorded music revenues in the United States in H1 2024, up slightly from 7.5% in H1 2023 and matching the proportion for 2023 as a whole.
According to the RIAA’s midyear report issued in August, the US recorded music industry produced USD $8.65 billion in H1, a 3.9% increase year on year.
READ MORE: Latin Music Revenue Surpasses $1 Billion For The First Time
Unsurprisingly, paid streaming subscriptions generated the most money. At $468.1 million, they accounted for 68% of Latin Music’s US income in the first half.
However, Latin Music is especially overrepresented in ad-supported streaming services. sales from free music services increased 10.2% year on year to $166.3 million, accounting for about a quarter of total sales. That proportion is two-and-a-half times higher than the 10% contribution of ad-supported income to total recorded music revenue.

“STRONG GROWTH ACROSS ALL MAJOR FORMATS – INCLUDING A DOUBLING OF PHYSICAL REVENUES – HAS ENABLED LATIN MUSIC’S DIVERSE MIX OF NEW AND ESTABLISHED ARTISTS’ INNOVATIVE STYLES TO FUEL SUSTAINED MOMENTUM FOR OVER A DECADE.” – Matthew Bass, RIAA
Physical media sales doubled in the first half of 2024, reaching $9.0 million from $4.5 million the previous year, with increases in both CDs and vinyl. However, physical remains a far smaller component of the Latin music business than the whole recorded music market, accounting for just 1% of sales compared to 9% for the market as a whole.
Despite being overrepresented in ad-supported streaming, Latin Music fans seem to be prepared to pay extra to support their favorite musicians.
READ MORE: U.S. Recorded Music Revenue Increased 3.9% To $8.65 Billion In The First Half Of 2024: RIAA
According to a 2023 analysis from market research firm Luminate, Latin superfans spend 30% more on music than other superfan groups in the United States.
“There’s a reason why Latin music is the fastest-growing genre on US streaming services. Fans can’t get enough of its unmistakable energy, emotion, power, and joy. -Michele Ballantyne, RIAA

While the genre has made significant progress in the United States in recent years, it has completely dominated music in Latin American nations.
According to a Spotify analysis released earlier this year, Spanish-language music accounted for 87% of music streaming in Colombia in 2023, 88% in Mexico, and 94% in Argentina, compared to 25% a decade ago.
Spotify stated the number of Latin Music listeners on its service increased by 986% between 2014 and 2023, however it’s worth noting that Spotify’s entire subscriber base also expanded quickly during same time.
“Latin music continues to soar to new heights, breaking US revenue records as we report today and propelling the culture forward around the world,” RIAA President and COO Michele Ballantyne said.
“There’s a reason Latin music is the fastest-growing genre on US streaming platforms. Fans can’t get enough of its unrivaled intensity, passion, power, and delight.”
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